Partial Privatization and Firm Performance

Partial Privatization and Firm Performance

Most privatization programs begin with a period of partial privatization in which only non-controlling shares of firms are sold on the stock market. Since management control is not transferred to private owners it is widely contended that partial privatization has little impact. This perspective ignores the role that the stock market can play in monitoring and rewarding managerial performance e...

Partial Privatization and Firm Performance: Evidence from India∗

Privatization in India is mostly limited to the diffuse sale of minority stakes in firms. Since control rights have not been transferred to private owners it is widely contended that the process has had little impact on firm behavior. We find however that even the sale of minority stakes has a positive impact on firm performance and productivity. As the government remains the controlling owner ...

Ultimate Privatization and Change in Firm Performance: Evidence from China

We extend the current empirical literature on privatization by exploring the effect of ultimate privatization on the performance of Chinese listed companies. Ultimate privatization is defined as the incidence of transferring the ultimate control of a state-owned company from the government to private owners. Using a sample of 127 Chinese listed companies that have had controlling blocks transfe...

Performance measurements and impacts of privatization Performance measurement in emerging markets: Control privatization versus revenue privatization

Privatization, Ownership Structure, and Firm Performance: New Evidence from the Romanian Experiment

We construct and analyze 1992-2001 panel data to study the effects of alternative postprivatization ownership structures on firm performance and the time profile of firm performance before and after privatization for the surviving population of initially stateowned enterprises in Romania. Applying OLS and fixed-effects methods to a variety of specifications, we find consistently positive, highl...